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with as well. lots of spending issues appeared. congress really at the end of this week if this goes through. diane: we are watching nancy pelosi speaking their excess your right. we are also -- one of the things we heard from the gop a year earlier, i said to your right. i should say to allow for people watching, but we heard from a gop aide the republicans at this point and the deal is not perfect. making the minutes and trying to avoid being blamed for going over the fiscal cliff. we've heard this route, the american public largely would hold republicans responsible if we do go over the fiscal cliff or if a deal is reached by that time markets opened here. why that blamed? a question of who had a better pr team working on this? the president verses the speaker is there more to that? >> in this particular case it would be because you had senate democrats and republicans overwhelmingly vote for this last evening. eighty-nine votes in the u.s. senate to get this through. it's remarkable, especially for this congress, for this type of legislation. you have house democratic leaders signing off
-- congress temporarily pushed off deep government spending cuts. >> there will be more deficit reduction as congress decides what to do with the automatic spending cuts we have now delayed for two months. >> reporter: we're already getting a look at how world markets are reacting to the legislation. more on that when i see you next. live in washington kyla campbell ktvu channel 2 news. >> we have much more on the fiscal cliff vote on our channel 2 website just go to ktvu.com. >>> this morning the taliban is comparing the plan withdraw of u.s. troops from afghanistan to the ebb of the vietnam war. in a statement they accused the u.s. of using it to declare victory and run strategy. and the u.s. is expected to leave a residual force in that country. a fatal shooting is under investigation. contra costa sheriffs deputies found a man in his 20s dead inside his apartment. investigators say it's unclear whether he committed suicide or the victim of an attack. before the shooting neighbors reported an armed man was arguing with someone inside an apartment. witnesses say after the argument the m
and delays automatic spending cuts. congress and the white house struggled to get the deal done and neither republicans nor democrats seem pleased with the outcome. >> someone stop hitting you in the head with a hammer and you're supposed to say thank you so much for the relief. >> reporter: many voters are upset it took lawmakers so long to reach a compromise. >> i think we needed a deal. i'm not necessarily altogether happy. >> reporter: the measure raises taxes on families making more than $450,000 a year and extends long-term jobless benefits for a year. but the package does not include spending cuts and many republicans voted against it. >> i'd like to be speaking for this bill, but i can't. >> reporter: congress steered away from the "fiscal cliff" at the last minute but another showdown is just around the corner. in two months, the treasury will need to increase how much the country can borrow and lawmakers must approve it. the last time congress fought over the debt ceiling, america's credit rating was downgraded. the president says that doesn't need to happen again. >> the one thin
to spend. >> president obama has promised to work with congress to find more spending cuts in the future, but he urged them not to play politics with the nation's debt limit. >> i will not have another debate with this congress over whether or not they should pay the bills that they've already racked up. >> treasury secretary of state timothy geithner has warned congress the country is a few months away from defaults on its loans for first time in history. >> the consequences would be catastrophic, far worse than the impact of a fiscal cliff. >> but many say the debt limit debate is the last chance femme them to secure the deep spending cuts necessary to pay down our nation's debt. and the bill now heads to president obama for his signature. terrell? >> tara mergener in washington this morning. thank you so much. >>> still the measure passed with bipartisan support. the deal die provided the leadership in the house. speaker john boehner and paul ryan voted yes, but house majority leader eric cantor who led a brief last-minute charge against the deal and kevin mccarthy voted no. earlier i
the president to work with congress to address over spending. >> and the debt ceiling. before leaving for hawaii early this morning, president obama urged congress to raise it. >> we cannot not pay bills that have already been incurred. if congress refuses to give the united states government the ability to pay the bills on time, the consequences for the entire global economy will be catastrophic. >> no word yet on when the president will sign the new bill. technically it was a day late, but the markets reopened this morning. from washington, i am tracy potts. >> reaching a deal on the fiscal cliff has not -- lawmakers on both sides of the aisle are pressing outrage after it the house adjourned without a vote on a bill providing aid to victims of superstorm sandy. representatives from both parties are calling ending the term without a vote inexcusable. >> absolutely inexcusable, indefensible. >> some lawmakers are suggesting the decision to forgo the vote was made because the affected areas are in blue states. >> we started this morning with a little bit of cloud cover. we have mostly sunny skie
after lawmakers approved a bill that prevents a middle class tax hike and delays automatic spending cuts. congress and the white house struggled to get the deal done, and neither republicans or democrats seem pleased with the outcome. >> someone stop hitting you in the head with a hammer and you're supposed to say thank you so much for the relief. >> reporter: many voters are upset it took lawmakers so long to reach a compromise. >> i think we needed a deal. i'm not necessarily all together happy. >> reporter: the measure raises taxes on families making more than $450,000 a year and extends long-term jobless benefits for a year. but the package does not include spending cuts as many republicans voted against it. >> i would like to be speaking for this bill but i can't. >> reporter: congress steered away from this fiscal cliff at the last minute, but another showdown is just around the corner. in two months the treasury will need to increase how much the country can borrow and lawmakers must approve it. the last time congress fought over the debt ceiling, america's credit rating was downg
that congress typically does and we will debate spending long term entitlements that in the next congress, in the next year. but republicans say we always say next year, next time and democrats don't want to get serious on spending reform, don't want to be serious on entitlement reform or tax refor. republicans feel like they constantly kicked the can and this is their best way to try to extract those cuts. other pub republicans say take the tax deal while you can. tax rates railroad increased up and down the, basically every tax bracket revoted to the clinton era rates. they have all gone up. at this point vote for the tax cut, get out of here, come back on january 3rd and use the debt ceiling to extract cuts from democrats that try to the if us to some sort of fiscal sanity here. >> then two months from now we deal with the spending cuts as well as the debt ceiling. they're at least keeping us, you know, employed here, rich. they're giving us plenty of things it talk about. >> yes. 2013 will seem to be a busy year in washington as the last five years have been. >> rich edson live from d
: president obama ahead promised to work with congress to find more spending cuts in the future. but he urged them not to play politics with the nation's debt limit. >> i will not have another debate with this congress over whether or not they should pay the bills that they have already racked up. >> reporter: treasury secretary timothy geithner has warned congress that the country is just a few months away from defaulting on its loans for the first time in u.s. history. >> the consequences for the entire global economy would be catastrophic far worse than the impact of a "fiscal cliff." >> reporter: but many republican congressmen say the debt limit debate is the last chance for them to secure the deep spending cuts necessary to pay down our nation's debt. the bill now goes to president obama for his signature. back to you. >> thank you. >>> most overseas stock markets jumped higher today on news that the u.s. "fiscal cliff" has been averted. here's the kospi stock exchange in korea celebrating its first trading day in 2013 it finished up today, as did hong kong, germany, australia, britain
. >> reporter: president obama has promised to work with congress to find more spending cuts in the future. but he urge them not to play politics with the debt limit. >> i will not have another debate with this congress over whether or not they should pay the bills that they have already racked up. >> reporter: treasury secretary timothy geithner has warned congress the country is just a few months away from defaulting on its loans for the first time in u.s. history. >> the consequences for the entire global economy would be catastrophic, far worse than the impact of a "fiscal cliff." >> reporter: but many republican congressmen say the debt limit debate is the last chance for them to secure the deep spending cuts necessary to pay down our nation's debt. the bill now goes to president obama for signature. back to you. >> thank you. >>> our other big story the weather this morning. it could be the coldest morning of the week. let's get a first look at weather with meteorologist lawrence karnow. >> we have some very dry air outside. temperatures plummetting right now. we have freeze warnings
obama has promised to work with congress to find more spending cuts in the future. but he urged them not to play politics with the nation's debt limit. >> i will not have another debate with this congress other than over whether they should pay the bills they have already racked up. >> reporter: the country is just a few months away from defaulting on their loans for the first too many in history. >> it would be catastrophic, far worse than the "fiscal cliff." >> reporter: many republican congressmen say the debt limit debate is the last chance for them to secure the deep spending cuts necessary to pay down our nation's debt. tara mergener for cbs news, washington. >>> after his address, president obama returned to hawaii to finish his vacation and will sign the bill there. >>> most overseas stock markets rose on news of the u.s. "fiscal cliff" has been averted. the kospi stock exchange in south korea celebrated its first trading day in 2013. it finished up as did hong kong, australia, germany, britain and france. here in the u.s., the new year's first day of trading begins in about
," but if congress gets together, avert a fight over the debt ceiling and spending cuts, what would it take to take the rally and push it further, maybe break out some of the levels holding us back? >> really good economic numbers, real continuing decline of job markets, a big pickup in the housing market, increased, you know, growth over in china age the rest of the world, not this -- adam: we're getting it, but answering my own question, contraction in europe, and china's the biggest party there. doesn't look to happen. >> in addition to the four year cycle, post election, the worst of the four years, indication we're in the bear market, that takes a lot to drive us to significantly all-time highs. adam: bear klausing are out, thank you. >> thank you. cheryl: the next guest says we should have gone over the cliff to force congress to cut spending. president of pure center for urban renewal. what happened, though, to the markets, to the economy over the cliff? that would have been a big mess today. you still say we shouldn't have done it, why? >> it would have been a mess today, but not in six mon
: everyone is curious to see what happens overnight. one of two things could happen. if congress does attach spending cuts to this bill, that bill is blown up and you could see markets really sell off tomorrow. if this is just punted along, markets could be a little bit more patient but patience is running out. and as you mentioned, 401(k)s are being affected, as well. >> because of all the jitters. bianna, thank you. >>> we're going to turn now to secretary of state hillary clinton. doctors keeping a careful eye on mrs. clinton. we reported last night on their discovery, the blood clot right next to her brain. tonight, we know former president bill clinton and their daughter chelsea have been by her side and the first message from chelsea on twitter. here's abc's sharyn alfonsi now. >> reporter: chelsea clinton leaving the hospital, where her mother will spend a third night. later, optimistically tweeting, "thank you all for sending good thoughts my mom's way. grateful to all her doctors and that she'll make a full recovery!" but it's clearly a serious setback for the secretary. it's been t
,000 or more a year and individuals making $400,000 or more. but congress pushed off deep government spending cuts for two months and the country is hitting the debt ceiling. >> three set up three more fiscal cliffs. we are gonna look back on this night and regret it. >> president obama rejoined his family in hawaii this morning. the white house had no immediate details when the president will receive and sign the bill. >>> well, stocks are sharply higher due to the fiscal cliff deal but some market watchers are cautioning that the euphoria could be short-lived because of the many challenging issues that remain unresolved. the dow is slightly off, but remaining up more than 200 points. it's up now 235 at 13,339. well, despite the fiscal cliff deal, everyone's paycheck will still be at least a little bit smaller this year. ktvu's janine de la vega is in los gatos to explain about the end of the payroll tax holiday. >> reporter: good afternoon. this tax cut has expired and it will affect every wage earner. most people that we spoke to this morning had no idea that it would affect their paycheck
, congress needs to deal with spending cuts they put off and there will be a fight over the debt ceiling. reporting live in federal hill, sherrie johnson, abc2 news. >>> so the deal is done and we won't pay anymore in taxes this year. but it's not true. the fiscal cliff deal keeps income tax rates at courage level for 98% but doesn't extend the payroll tax cut. more will go into socialsecurity. most lower and middle income familiesly vied -- families will avoid a thousand more in income taxes they will pay more for payroll taxer. >>> 2013 means changes are coming to health care. big thing to watch is with the health insurance exchanges. they have to be up and running by october 1st. only 18 states including maryland on thed to build their exchange -- opted to build their own exchange. other things to watch out with the health care reform act is contributions to a flexible spending amount is limited to 2500 dollars but you can deduct more unreimbursed medical cost when you file taxes but for that you have to itemize. >>> 5:33. in the new year it's off to a tough start for one county in si
ahead over spending cuts. whether to raise the debt ceiling. the bill congress passed delays automatic spending cuts from going into effect for twotw months, and didn't deal with the debt ceiling, many republicansrp are hoping for a bigger deal. >> i think that the president miss ad great opportunity, oneop of leadership, he has been re elected, he has four years left. and this will be part of his legacy, the failure to step up and do the big thing when he could. >> president obama promising to deal with the spending cuts, and yesterday, he warned republicans about getting into another political squabble. so how do average americans feel about the fiscal cliff deal? beth parker stopped by locallo diner where customers were dishing their thoughts. >> and how do you want youry eggs? >> reporter: they are working 24 hours a day at bob and edith's diner in arlington. the customers which congressi would do the staple. >> i'm really upset with congress right now.ig i just feel like it's a complete failure. >> reporter: they watched thethe nation edge towards the fiscal cliff. >> i've been in
as congress decides what to do about automatic spending cuts we have delayed two months. i want to make this point. i am very open to compromise. i agree with democrats and republicans that the aging population and rising cost of health care makes medicare the biggest contributor to our deficit. i believe we have got to find ways to reform the program without hurting seniors who count on us to survive. i believe there is further unnecessary spending in government we can eliminate, but we cannot simply cut our way to prosperity. cutting spending has to go hand in hand with further reforms to our tax code so the wealthiest corporations and individuals cannot take advantage of loopholes and deductions that are not available to most americans, and we cannot keep cutting things like basic research and new technology and still expect to succeed in the 21st century economy, so we are going to have to continue to move forward with deficit- reduction, but we have to do it in a balanced way, making sure we are growing even as we get a handle on our spending. one last point i want to make. while i
reduction as congress, they decide what to do with the automatic spending cuts that we have now delayed for two months. and i want to make this point as i have demonstrated throughout the past several weeks. i am very open to compromise. and i agree with the democrats and the republicans that the aging population and the rising cost of health care will make medicare the biggest contributor to our deficit. i believe that we've got to find ways to reform that program without hurting seniors who count on it to survive. and i believe that there is further unnecessary spending on government that we can eliminate. but we can't simply cut our way to prosperity. cutting spending has to go hand and hand with further reforms for our tax codes. and so that the wealthiest corporations and individuals, they can't take advantage of loopholes in deductions that aren't available to most americans. and we can't keep cutting things like the basic research and new technology and still expect it to exceed in the 21st century economy. and so we're going to have to continue to move forward in the deficit red
what the deadline was that was set by congress, some kind of slightly coherent way, the spending...it depends on your political views. some will say it is not and needs to be protected. others say it needs to be dramatically cut. what needs to be addressed is the fact that medicare, social security, will not be able to pay for themselves in the coming years. some method of constraining the costs or altering the revenue that funds them has to be deviced. >>gregg: during the president's four years we have gone from $2.9 trillion in spending to $3.8 trillion, which is 30 percent increase in spending. by any definition that is profligate spending. >>guest: the president's office would say, he inherited two wars that were immensely expensive, he inherited a bad economy that was difficult to get out of. >>gregg: the president promised the middle class would not see taxes go up. he did not keep the promise. >>guest: well, the payroll tax is going for go back up. it was just recently brought down by 2 percent. that will be back. >>gregg: 37 percent of americans will see their taxes go up
in there, though, this congress voted for, the house-led republicans went along with a lot of spending in the past two years. look, at this stage, john boehner could have had a deal a couple of weeks ago that would have included some modification on the c.p.i. for social security recipients, and the president said, as well, some adjustment against the wishes of his own party members, he was willing to talk about the raising the retirement edge, the eligibility age. >> democrats in senate said that was off the table, that was never a reality. second of all, we're in a position that we're dealing with spending cuts -- >> didn't john boehner reject a better deal from his values, according to his principles, that he ended up -- he then ended up finally leading the house to vote for last night? >> no, because last night was not a final deal. last night was a debate over how much of the tax increase obama was going to take off the table, and he took it, it's bad for the economy and unfortunate he got that. but now that's past us, what do we do now? we have a fight for four years on how to re
in tonight for brian. after weeks of negotiations and last-minute hold-ups over the fiscal cliff, congress late last night finally passed an agreement on taxes and spending. in a moment, we'll tell you what that legislation means for every american. but it's what the house did not do last night that caused an uproar today. lawmakers left before considering a bill to help victims of superstorm sandy, and that had republicans from hard-hit states taking aim at leaders of their own party. nbc's kelly o'donnell is at her post on capitol hill once again tonight. kelly, good evening. >> reporter: good evening, kate. so the house had not taken any kind of vote on a new year's day in nearly 60 years. and when they did so, they got that tax deal done, but only minutes later, a new controversy popped up, over government spending. and it spread through here furiously, and with real impact. new york and new jersey got angry and got action over emergency funding that was being delayed. it was a midnight surprise. >> the ayes have it, accordingly, the house stands ayoured. >> reporter: boos and jeres er
as a reduction as congress decides what to do about the automatic spending cuts now delayed for two months. i want to make this point. as i have demonstrated throughout the past several weeks, i am open to compromise. i agree with the democrats and republicans that the aging population and the rising costs of health care makes medicare the biggest contributor to our deficit. i believe we have to find ways to reform the program without hurting seniors to count on it to survive. there is further unnecessary spending in government that we can eliminate. but we cannot simply cut our way to prosperity. cutting spending has to go hand in hand with further reforms to our tax coats of that the well as corporations and individuals cannot take advantage of loopholes and deductions that are not available to most americans. we can i keep cutting things like basic research and new technology is still expected to succeed. we are going to have to continue to move forward attended as a reduction but we have to do it in a balanced way, making sure we are growing, even as we get a handle on our spending. one l
-term unemployed. and the payroll tax is going up. but spending cuts have been put off. nancy cordes is on capitol hill. nancy? >> reporter: anthony, after months of procrastination and accusations and closed-door meetings, congress finally passed a fiscal cliff bill last night. it left everyone relieved but no one truly happy. >> the motion is adopted. >> reporter: even republicans who voted for the plan are angry it has no serious spending cuts while democrats think the white house made too many concessions on taxes. kent conrad is a senator from north dakota. >> i hate this agreement. i hate it with every fiber of my being. because this is not the grand bargain that i hoped for or worked for or believed is so necessary to the future of the country. mr. president, this is not by any standard a deficit reduction plan. >> reporter: mostly it's a tax plan. the bill permanently extends the bush-era tax cuts for all household income under $400, 000 a year for individuals and under $ 450rbgs000 for families. the bill also prevents the alternative minimum tax from hitting millions of middle-class fami
that it involves a lot of spending and tax cuts and tax reductions that congress does at the end of every year anyway. so when congress has a deficit score, as it's called for a particular proposal it assumes that all the tax rates refer to the clinton era tax rates and that millions of americans that normally don't pay the alternative minimum tax would pay the amt and that doctors who treat medicare patients would automatically get a major pay cut beginning at the year. all that is basically spending and tax cuts that congress does at the end of every year anyway. that deficit number, while it is striking, it's basically what the can present to from the congressional budget office assumes congress will do every year. they just can't by law say that will happen because it's not in law. we don't do much long-term was bank. when you said that congresswoman louise slaughter is hoping to get this done before markets over, there will be a vote before markets opened. we may be getting a vote before the end of the day. baboon that's the time we expect the house will vote on this proposal. the senate-
spending cuts happen on march 1st, unless congress acts. that means potentially hundreds of thousands of government employees put at risk. finally, funding for the government itself runs out on march 27th, unless the white house can get some cooperation with republicans in congress. >> that's a mega-cliff coming. thank you so much, jon. >>> and we have a note now under the file, really, did you know this, is it possible? the president has until noon tomorrow to sign that bill into law, but the president is now back in hawaii, so, the question becomes, how does he get it signed? there are two options for this. one, they can fly it overnight to him in hawaii and the other is something called an auto pen. and it's a mechanism that signs the president's signature and did you know that the president's signature can be done this way on a law? they're still not saying yet which option the president will choose. >>> and we have a reminder that tomorrow night, we're going to bring you an interview that will mark an historic milestone. i sat down with 19 of the 20 female senators starting work
as congress decides what to do about the automatic spending cuts that we have now delayed for two months. as i have demonstrated throughout the past several weeks, i am very open to compromise i believe that we have to find ways to reform the program. there is further spending that we can eliminate in government. but we can't simply cut away to prosperity. cutting spending has to go hand-in-hand with further reforms to our tax code so that the wealthiest corporations and individuals can take advantage of loopholes and deductions that aren't available to most americans. and we can't keep putting things like basic research and new technology and still expect to succeed in the 21st century economy.. we have to do it in a balanced way. even as we get a handle on our spending. i will not have another debate with this congress over whether or not they should pay the bills that they have wrapped up through the laws they pass. we cannot pay bills we have already incurred. the consequences would be catastrophic. borrowers from a fiscal cliff we can't go down that path again. today's agreement enshrined
increase on salaries by 2% every worker up to $110,000 a year. then the stuff it didn't do. congress set up new ones, in just two months they will need to deal with the automatic spending cuts and nasty fight over the debt ceiling. last night president obama declared he is not willing to debate congress on the borrowing limit. >> we can't not pay bills that we have already incurred. >> president obama said if congress refuses to raise the debt ceiling the consequences for the global economy would be catastrophic far worse than any fiscal cliff. >>> another high profile vote could come towed. this morning president obama told house republicans they should vote now on hurricane sandy aid, quote, without delay. this has new york lawmakers chastised house republicans for deciding to put the vote off for a few months. people in the region are still trying to recover with the worst winter months still ahead. the senate approved a $60 billion measure friday while a house committee drafted a bill about half that size. >>> students from sandy hook elementary got a sneak peek at the campus where they
because congress was focused on spending cuts and larger tax hikes. reporting live from san jose, janine de la vega, ktvu channel 2 news. >>> 8:04. well, san francisco school students who eat school lunches are about to eat healthier. starting on monday, san francisco unified school district will introduce a new lunch menu provided by revolution foods. no more frozen foods, no more mystery meat. revolution foods say they make meals using local ingredients. no high-fuke dose corn syrup and nothing is -- no high- fructose corn syrup and nothing is frozen. >>> a new study finds a few extra pounds may not be bad to your health but the risk of death does rise substantially for those who are obese. researchers at the us centers for disease control analyzed 97 studies involving almost 3 million people worldwide. they found people with a body mass index considered moderately overweight had a 6% chance of death. but those with a higher bmi had a 29% higher chance of death. a bmi of 29 to 30 is considered overweight. i think 20, 25 is considered normal. >> why were you looking at me when you were
this morning. late last night congress finally spent president obama legislation. >> this law is just one step in the broader effort to strengthen our economy oar at one point it looked like the deal could fall apart. >> there's no spending cuts. we're adding $4 billion a day to the debt what we're really doing is raising taxes to gift president more money top spend. >> reporter: some republicans were pushing house speaker john boehner to add new spending cuts, but ultimately, there weren't enough votes to get that passed. so the house approved the senate measure. it prevent as tax hike on estates less than $5 million and extends unemployment benefits for some 2 million people but the payroll tax could expire, which means an increase on salaries by 2% for workers earning up to $110,000 a year. then stuff the bill didn't do. to avoid this fiscal cliff congress set up new ones. two ones they will have to deal with the automatic spending cuts. there lab nasty fight over the debt ceiling. last night president obama said he's not willing to debate congress on the borrowing limit. >> we can not not
. there will be more deficit reduction as congress decides to do -- what to do with the automatic spending cuts. i want to make this point. as i have demonstrated, i am very open to compromise. i agreed with democrats and republicans that the aging population and the rising cost of health care makes medicare the biggest contributor to our deficit. i believe we have got to find ways to reform that program without hurting seniors, who count on it to survive. i believe there is further unnecessary spending in government that we can eliminate. but we cannot simply cut our way to prosperity. cutting spending has to go hand- in-hand with further reforms to our tax code so that the wealthiest corporations and individuals cannot take advantage of loopholes and deductions that are not available to most americans. we cannot keep cutting things like basic research in new technology and still expect to succeed in a 21st century economy. we are going to have to continue to move forward in deficit reduction. we have to do it in a balanced way, making sure we are growing even as we get a handle on our spending. one l
of spending for congress. you have an extension of the tax credit for three wheeled electric vehicles. i haven't seen any like that. this is another example of congress trying to pick winners in the energy sector and, unfortunately for this administration, they have this fixation on a lot of energy sources. gerri: don't forget about the algae. [laughter] i think that's going to work? the winner by? i mean, professors and some of skewer cool somewhere. >> the substance of algae has shown some promise. if you can use photosynthesis to produce it on a large scale, maybe it works. one that sticks is the cellulosic ethanol provision. here is an industry that has never produced any sizable quantities of ethanol at market prices, yet they get an extension of the tax credit. the amount of land that would be needed to make it work just boggles my mind. it doesn't work. it can't work. and yet they got an extension of the tax credits and in this bill. it is another bad example. gerri: let's talk about something that does work. apparently the coal industry is going great guns and other parts of the world,
and there will be more deficit reduction as congress decides what to do about the automatic spending cuts that we have now delayed for two months. as i've demonstrated throughout the past several weeks, i am very open to compromise. i agree with democrats and republicans that the aging population and the rising cost of health care makes medicare the biggest contributor to our deficit. i believe we've got to find ways to reform that program without hurting seniors, who couldn't on it to survive. and i believe there's further unnecessary spending in government that we can eliminate. but we can't simply cut our way to prosperity. cutting spending has to go hand in hand with further reforms to our tax code so that the wealthiest corporations and individual can take advantage of loopholes and deductions that aren't available to most americans and we can't keep cutting things like basic research and new technology and still expect to succeed in the 21st century economy. so we're going to have to continue to move forward in deficit reduction but we have to do it in a balanced way, making sure that we are gro
money, but he cannot briblame the congress. this washington is spending our money, spinning things around on us, and just going hog wild. we're not after your president, to the guy from georgia. we are with your president, but we want to get everything in order and have washington quit spending money they don't have. thank you, c-span. host: let's look apsa editorials and our beds in the pages of the newspapers. in the washington post -- and another opinion piece that says -- and another piece, this with a different twist, looking at the cabinet of president obama in his second term. we will be watching on c-span, cabinet choices of the toinistration in the show's come. this is tim from kentucky on our democrat line. caller: how are you? i have always thought about the fiscal cliff and the high taxes. i don't agree with that. i have -- this is my opinion. you cannot blame president obama for every mess-up of every other president we have had. host: what do you think about the resolution on this fiscal cliff deal? do you appreciate the president's role or the role republicans played
their taxes go up. also not getting done, spending cuts. one analyst said today congress kicked the drone down the road, postponing cuts for another month. republicans say they will fight raising the debt ceiling without significant spending cuts. >> the president has maxed out his credit card and he's not going to get an unlimited credit card. >> he is back in hawaii today but president obama feels congress spent the money and will have to raise taxes further. >> i will not have another debate with congress over whether or not they should pay the bills they have already racked up. >> of late this afternoon, house republican leaders backed down over their decision to postpone a force and the victims after both parties blasted lack of action. now, congress will vote on $9 billion in aid and additional aid later when congress officially returns to the new session. >> we are going to stick with the fiscal cliff for a moment because lawmakers are not the only ones sounding off about it. we have reaction from taxpayers to how much more they will still be paying. >> it is a huge concern
diverted income tax hikes for most persons but delayed decisions on spending cuts. congress now needs to raise the debt ceiling, he says, so the government can keep paying its bills. if not, he says the consequences could be far worse than the impact of the fiscal cliff. >>> secretary of state hillary rodham clinton will fully recov recover, doctors are confident, from a blood clot in her head. she is said to be in good spirits and making excellent progress. the blood clot behind her right ear formed after a concussion from a fall. >>> justin bieber's sports car. he was not in the car at the time. the photographer was struck by another vehicle as he returned to his own car. officials say no charges are expected against the driver who hit him. >>> today an open house is being held in connecticut at a repurpose school for survivors of last month's sandy hook elementary massacre. teachers and other workers have been busy get thing the space ready for the students, painting and moving furniture. classes at the new facility begin tomorrow. counselors say it's important for children to get
. and there will be more deficit reduction as congress decide to what to do about the automatic spending cuts that we have now delayed for two months. i want to make this point. as i have demonstrated throughout the past several weeks. i am very open to compromise. i agree with democrats and republicans that the aging population and the rising cost of health care makes medicare the biggest contributor to our defic deficit. i belief we have got to find ways to reform that program without hurting seniors who count on it to survive. and i believe that -- that there is further unnecessary spending in government that we can eliminate. but we can't simply cut our way to prosperity. cutting spending has to go hand in hand with further reforms to our tax code. so that the wealthiest corporations and individuals can't take advantage of loopholes and deductions that aren't available to most americans. and we can't keep cutting things like basic research and new technology and still expect to succeed in the 21st century economy. so, we are going to have to continue to move forward in deficit reduction, but we mav to
is a problem. medicaid, medicare is a problem. we have to tighten our belts. congress proved they can spend money. they have not proven they can do any belt tightening. >> jim mctague, thank you for your insight on what we have so far on the fiscal cliff. >> thank you. >>> we want to give you an update on secretary of state hillary clinton. this is video shot a short time ago of mrs. clinton leaving new york presbyterian hospital with her husband, former president bill clinton. earlier cnn reported that mrs. clinton had been released from the hospital, but now they are reporting she's been transferred to another hospital. secretary clinton has been hospitalized since sunday after doctors found a blood clot behind her right ear during a followup exam for a concussion that she suffered. doctors have been treating it with blood thinners. >>> today is the first day that courthouses in maryland were open for business after the same sex marriage law took effect new year's day. as kristin fisher reports, six such couples officially tied the knot today at the montgomery county judicial center. ♪
to make it. if congress, the house were to amend that proposal to add the spending cuts to the bill the senate passed last night, republicans understand the senate is unlikely to even consider those changes. >> we are breaking up to go vote in just a moment on otherments. we do expect to vote on this later tonight. >> and what have the amendments, fiical cliff bill taking shape? what are the, size of the cuts you're looking for, where do they come from? >> we're just luking at one possible amendment. and they are going to decide after doing a little bit of discussion among members whether or not to bring it up. >> do you sport that test. >> huh? >> do you support that test? >> personally feel the senate will probably just ignore it as they did a year ago on the payroll situation. and that we'll still be back here. basically dealing with the underlying bill which is the senate version? >> do you have a chance for up-or-down vote on unamended version of the bill? >> yes. i think that will be tonight. >> do you think that will ultimately get past the republican caucus, do you have any
congress passed late last night. this started out as a debt reduction bill and ended with spending and increase the nation's debt. didn't work out exactly as planned. the bottom line, this law will provide 620 billion dollars in new tax hikes. and 15 billion in budget cuts. and for those of you keeping track at home. for every $1 in cut, according to the so-called debt deal adds nearly 4 trillion dollars to federal deficits over the next decade largely because of the extension of lower tax rates for almost all americans. 330 billion dollars of it is also an increase in spending, an increase in spending, more, more spending. plus, congress packed in some special gifts for the railroads, the car racing business, and some friends in hollywood who have some deep pockets. chris is our host of power play on foxnews.com live. happy new year! >> happy new year to you, merry cliff-mass. >> megyn: we went off the cliff and we're kind of off it, but moved the cliff and the cliff is in a weird place. postponed part of it. in any event, there's big tax hikes for the rich and hikes for everyone,
hill over the nation's debt and spending. congress approved a bill late last night that averts widespread income tax increases and deep spending cuts some say would threaten to trigger another recession if they all happened at the same time. but the bill just delays the cuts for two more months and we'll do this all over again. the congressional budget deal will add 4 trillion to the deficit. 4 trillion. despite all the back and forth on the income tax debate, at that,s will go up anyway on nearly every american worker. because the bill allows the payroll tax holiday to expire. chem cats -- democrats and republicans fought hard both sides agree it doesn't solve the country's long-term fiscal problems. >> let's send a message to the american people, again while this bill doesn't accomplish all we need to do to grow the economy, reduce the deficit and strengthen the middle class, it is a good way for us to have a happy start to a new year. by taking this first step. >> the fact is that republicans stand for smaller government and fiscal responsibility. there was nothing last nigh
spending cuts first. president obama says congress has an obligation to raise the debt ceiling. and that is not negotiable. >>> just days after u.s. officials blame the popularity of apple devices for a rise in crime, there was a heist in paris. armed robbers hit the main apple store there after it closed. they got away with more than $1 million in apple product, such as the iphone 5. $1 million worth. >>> but the iphone 5 is so last year, apparently. apple seems to be getting ready for this year. there's signs we could see another tim cook announcement this spring for an iphone 6. developers are seeing markers left behind by new devices left at apple headquarters. those markers say iphone 6. >> bigger, faster, stronger, everything. >>> and poor warren buffett, no longer the third-rich et billionaire. the bloomberg billionaire inthe exsays amancia ortega has a net worth of $57.5 billion. second-richest is bill gates with $63 billion. and number one is mexican telecommunications magnate carlos slim, with $75 billion. buffett falling to fourth. >> you are fifth on that list, righ
americans and will be more deficit-reduction as congress decides what to do what the automatic spending cuts. that now, will be delayed for the next two months. let me make this point. as i demonstrated for the past several weeks i'm very open to confidence. and i agree with the democrats, republicans that the aging population and a rising cost of health care. makes medicare the biggest contributor to our deficit. i believe that we need to find reform without hurting seniors. that count on it to survive. and i believe there is further unnecessary spending that we could eliminate. but, we cannot simply cut our way towards prosperity. cutting spending past two go hand in hand with four reporters to our tax code. the wealthiest corporations, individuals cannot takes advantage of loopholes. and we cannot keep cutting things like basic research for new technology and still expect to succeed in a 21st century economy. we are going to continue to move forward in deficit-reduction but you would in a balanced way. to make sure the we are growing at making sure the we get a handle on where spending. o
added to the debt and again no spending cuts. again, what is wrong with congress? >> it's outrageous. no one will make the difficult decisions necessary to get this thing done. this is a problem that requires a $4 trillion to $6 trillion fix. quite frankly, the president won't make the move and we've been slow to the dance. and about the senators being drunk since you mentioned it twice, my wife has yelled at me and told me to say nothing good happens after midnight on new year's eve. >> you made the point. there were no hard decisions made. you haven't dealt with the debt ceiling, you haven't dealt with spending cuts. i mean isn't this legislation by procrastination? >> it's worse than that because you know even if you take the president's numbers on what the extra revenue is, it's about $660 billion over ten years which is $60 billion a year. it not only cuts spending but increases it and we're borrowing a trillion. you don't have to be a math professor to figure out -- we all know the president was going to get his way. he campaigned on raising taxes, he wanted to, he wins. now we
programs. so, in march, we may see another round of fighting. president obama says he hopes congress can strike a deal with a little less drama. paula and john? >> don't count on it. >> let's hope so. round two of the spending cuts. what are the chances that republicans go along with raising the debt ceiling? i know they believe maybe they have a little leverage now? >> reporter: i feel like we've seen this movie before. republicans are going to have to vote for raising the debt ceiling. but they want deeper spending cuts and deficit reduction. and they'll probably get it. but it could be another ugly fight in two months. >> it's interesting that john boehner and paul ryan voted in favor yesterday, as well. interesting dynamic there. tahman bradley in washington. thank you, tahman. >>> and new york lawmakers are furious this morning after the house ditched a vote on billions of dollars of aide for victims of hurricane sandy. house gop leaders decided to wait for the new session of congress before taking the vote. new york republican peter king called it absolutely inexcusable. and democr
in revenue from the wealthiest households in america, and there will be more deficit reduction as congress decides what to do about the automatic spending cuts that we have now delayed for two months. i want to make this point, as i've demonstrated throughout the past several weeks, i am very open to compromise. i agree with democrats and republicans that the aging population and the rising cost of health care makes medicare the biggest contributor to our deficit. i believe we've got to find ways to reform that program without hurting seniors who count on it to survive. and i believe that there's further unnecessary spending in government that we could eliminate. but we can't simply cut our way to prosperity. cutting spending has to go hand in hand with further reforms to our tax code so that the wealthiest corporations and individuals can't take advantage of loop holes and deductions that aren't available to most americans, and we can't keep cutting things like basic research and new technology and still expect to succeed in the 21st century economy. so we're going to have to continue to
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